L Brands, an American fashion retailer owning brands such as Victoria’s Secret and Bath & Body Works, has revealed its first quarter results. The company’s net sales stood at US $ 2.614 billion, marking an increase of 4 per cent compared to sales of US $ 2.512 billion in the same quarter last year. Its comparable sales surged 3 per cent.
In the period under review, adjusted earnings per share were US $ 0.59 as against US $ 0.61 in the corresponding quarter last year. Besides, L Brands’ adjusted operating income plunged 4 per cent to US $ 357.9 million versus US $ 371.8 million last year. Its adjusted net income totalled US $ 173.7 million compared with US $ 181.5 million in the 2015 first quarter, the company’s press release mentions.
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The company further reported that its overall operating income was US $ 323.4 million in the reporting quarter compared with US $ 371.8 million last year. First quarter net income stood at US $ 152.3 million against US $ 250.5 million last year.
After noting fall in the first quarter, the fashion retailer has reduced its guidance for Full-Year 2016 adjusted earnings per share to US $ 3.60 to US $ 3.80, which previously stood at US $ 3.90 to US $ 4.10. The retailer also indicates to report a May comparable sales result that is down low to mid-single digits against last year.
Presently, L Brands operates 3,038 company-owned specialty stores in the US, Canada, the UK and China, and its brands are sold in over 700 additional franchised locations across the globe.
